Maximum Contributions: Currently, you can contribute until your account balance reaches $370,000 in your South Carolina 529 plan. Join other Institutional Investors receiving FREE personalized market updates and research.
NOTE: If you file a South Carolina tax return, either as a resident or non-resident, you may be eligible for additional tax advantages2 Future Scholar account contributions may be tax-deductible, up to the maximum account balance limit of $400,000 per beneficiary (or … If your state allows a deduction, you will see the entry point as you work through the state return. Future Scholar 529 College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses. The Best College Scholarship Search Websites, How To Find The Best Student Loans And Rates, Student Loan And Financial Aid Programs By State, Student Loan Forgiveness: 80+ Programs To Forgive Your Loans, The Full List Of Student Loan Forgiveness Programs By State, The Definitive Guide To Student Loan Debt: Everything To Know About Your Loans, Best Student Loan Refinancing Bonuses And Promotional Offers, The Best Investing Apps That Let You Invest For Free In 2020, Best Online Stock Brokers In 2020 (According To Readers), The Best Traditional And Roth IRA Accounts Of 2020, The Cheapest Investing Platforms And Robo-Advisors, How To Start Investing In Your Twenties After College For 22 – 29 Year Olds, What Is Dividend Growth Investing And How to Get Started, 15 Best Side Hustles You Can Start Earning With Now, Side Hustle Ideas: 50+ Ways To Make Money Fast, 100+ Real And Honest Ways To Make Money In College, High-Paying Side Gigs That Earn $1,000 or More Per Month, 80 Ways To Make Money From Home (In Your Pajamas), 5 Quick Money Making Ideas (That Take Less Than 1 Hour), 3 Ways To Make $50,000 Per Year Without Working With Passive Income, 30 Passive Income Ideas You Can Use to Build Real Wealth, The Best Business Checking Accounts For Small Business. Of course, your total amount in the plan can be higher as your investments group. What Is the 529 Plan Contribution Tax Deduction? Type: Direct and Advisor. South Carolina: Full amount of contribution, above-the-line exclusion from income; Utah: 5% tax credit on contributions of up to $1,900 single/$3,800 joint per beneficiary (credit of $95 single/$190 joint) Vermont: 10% tax credit on up to $2,500 in contributions per beneficiary (up to $250 tax credit per taxpayer per beneficiary) There are several quirks involving lifetime caps and maximum annual deposits. Once your account is created, you'll be logged-in to this account. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
The Average Net Worth Of Millennials By Age, How Much Should You Have In A 529 Plan By Age, 10 Crazy Ways To Make $10,000 You’ve Never Heard Of, 529 Plans: The Ultimate Guide To College Savings Plans, How to Start Saving Now: The College Graduate’s Guide to Saving for Retirement, The Best Places To Open An HSA (Health Savings Account), The Top 10 Online Life Insurance Companies, The Ultimate Guide To Renters Insurance – Everything You Need To Know, The Cheapest Car Insurance For College Students, Alabama: $5,000 per parent ($10,000 joint), Arizona: $2,000 single or head of household, or $4,000 joint (any state plan), Arkansas: $5,000 per parent ($10,000 joint), Connecticut: $5,000 per parent ($10,000 joint), 5-year carryforward on excess contributions, Illinois: $10,000 single/$20,000 joint per beneficiary, Indiana: 20% tax credit on contributions up to $5,000 ($1,000 maximum credit), Iowa: $3,163 single/$6,326 joint per account, Kansas: $3,000 single/$6,000 joint per beneficiary (any state plan), above-the-line exclusion from income, Louisiana: $2,400 single/$4,800 joint per beneficiary, above-the-line exclusion from income, unlimited carryforward of unused deduction into subsequent years, Maryland: $2,500 per account per beneficiary, 10-year carryforward, Michigan: $5,000 single/$10,000 joint, above-the-line exclusion from income, Mississippi: $10,000 single/$20,000 joint, above-the-line exclusion from income, Missouri: $8,000 single/$16,000 joint, above-the-line exclusion from income, Montana: $3,000 single/$6,000 joint, above-the-line exclusion from income, Nebraska: $10,000 per tax return ($5,000 if filing separate), above-the-line exclusion from income, New Mexico: Full amount of contribution, above-the-line exclusion from income, New York: $5,000 single/$10,000 joint, above-the-line exclusion from income, North Dakota: $5,000 single/$10,000 joint, Ohio: $2,000 per beneficiary per contributor or married couple, above-the-line exclusion from income, unlimited carryforward of excess contributions, Oklahoma: $10,000 single/$20,000 joint per beneficiary, above-the-line exclusion from income, five-year carryforward of excess contributions, Oregon: $2,265 single/$4,530 joint (i.e., $2,265 per contributor) per year, above-the-line exclusion from income, four-year carryforward of excess contributions, Pennsylvania: $14,000 per contributor/$28,000 joint per beneficiary (any state plan), Rhode Island: $500 single/$1,000 joint, above-the-line exclusion from income, unlimited carryforward of excess contributions, South Carolina: Full amount of contribution, above-the-line exclusion from income, Utah: 5% tax credit on contributions of up to $1,900 single/$3,800 joint per beneficiary (credit of $95 single/$190 joint), Vermont: 10% tax credit on up to $2,500 in contributions per beneficiary (up to $250 tax credit per taxpayer per beneficiary), Virginia: $4,000 per account per year (no limit for age 70 and older), above-the-line exclusion from income, unlimited carryforward of excess contributions, Washington, D.C.: $4,000 single/$8,000 joint, above-the-line exclusion from income, West Virginia: Full amount of contribution up to extent of income, above-the-line exclusion from income, five-year carryforward of excess contributions, Wisconsin: $3,000 per dependent beneficiary, self or grandchild, above-the-line exclusion from income. And you can use the steps here below to get to. Where ... Not prompted to enter 529 info on sc state. 529 plans typically increase the contribution limit over time, so you may be able to contribute more. To do this, many or all of the products featured here may be from our partners. What Is Federal Work-Study and How Much Does It Pay for College? Not prompted to enter 529 info on sc state.
Residency: Future Scholar 529 College Savings Plan’s advisor plan is open to all United States residents, and the direct plan is only open to South Carolina residents (either account owner or beneficiary). Out-of-state participants still get the federal tax benefits. Where do I enter my info for deduction? Today, there are 34 states that offer residents a tax deduction or credit for 529 plan contributions.
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